Paris, Amsterdam, February 1 st , 2017

Press release


An excellent year for the Group.
Recurring Earnings per Share (recurring EPS) of €11.24 exceeds guidance of €11.00-€11.20 announced in February 2016.

  • Recurring EPS grew +10.4% from recurring EPS of 2015, adjusted for disposals in 2015, and +7.5% from 2015 reported recurring EPS
  • Robust like-for-like Net Rental Income (NRI) growth in Shopping Centres of +3.4%
  • All-time low average cost of debt of 1.6% and average debt maturity extended to record 7. 0 years
  • Total portfolio value of €40.5 Bn , up +7.3%
  • Net asset value per share:
    • Going Concern NAV per share: €201.50 , up +7.9%
    • EPRA NNNAV per share: €183.70 , up +8.1%
    • EPRA NAV per share: €195.60 , up +9.4%
  • €8.0 Bn development pipeline, with 5 deliveries scheduled for H2-2017
  • Cash dividend of €10.20 per share (subject to approval by the AGM)
  FY-2016 FY-2015 Growth Like-for-like growth
Net Rental Income (in € Mn)  1,529 1,453+5.2% +2.4%
  Shopping Centres  1,273 1,177+8.1% +3.4%
  France  581549 +5.7% +3.2%
  Central Europe  156148 +5.4% +7.4%
  Spain  146147 -1.0% +0.8% [1]
  Nordics  140106 +31.9% +3.3%
  Austria  9992 +7.1% +7.5%
  Germany  9067 +34.1% +3.3%
  The Netherlands  6267 -8.1% -6.3%
  Offices   153 170-10.0% -2.0%
  Convention & Exhibition   103 105-2.7% -2.7%
Recurring net result (in € Mn) 1,114 1,030+8.1% 
Recurring EPS (in €) 11.24 10.46+7.5% 
Recurring EPS (in €)
vs. rebased FY-2015
11.24 10.18 +10.4%  
  Dec. 31, 2016 Dec. 31, 2015 Growth Like-for-like growth
Total portfolio valuation (in € Mn) 40,495 37,755+7.3%+6.2%
Going Concern Net Asset Value
(in € per share)
201.50 186.70+7.9% 
EPRA Triple Net Asset Value
(in € per share)
183.70 169.90+8.1% 
EPRA Net Asset Value
(in € per share)
195.60 178.80+9.4% 

Figures may not add up due to rounding

"2016 was another year of financial and operational success for Unibail-Rodamco. The successful 2015 deliveries, solid like-for-like rental growth and an all-time low cost of debt drove the strongest year-on-year recurring EPS growth since 2009. The Group disposed of ca. €900 Mn of office buildings, achieving record premiums of almost 25% above the last unaffected appraisal value. In 2016, Unibail-Rodamco also took on a demanding challenge for the future with its new CSR strategy, "Better Places 2030". Unibail-Rodamco aims to reduce by -50% its carbon footprint by 2030 [2] , becoming the first listed real estate company to engage on such an ambitious strategy. With its high quality assets, its flexible development pipeline, secured low cost of debt and dedicated, talented professionals, Unibail-Rodamco is well positioned to deliver continued strong growth." Christophe Cuvillier, CEO and Chairman of the Management Board


Recurring EPS came to €11.24 in 2016, representing an increase of +10.4% from the recurring EPS for 2015, adjusted for the disposals of 2015, despite €990 Mn [3] of additional disposals in 2016, mainly offices. The Group exceeded its recurring EPS guidance of €11.00-€11.20 announced in February 2016. Growth from reported FY-2015 recurring EPS was +7.5%.


Shopping Centres
Through December 31, 2016, tenant sales increased by +1.4% compared to 2015. The Group tenant sales' growth was held back by the unfavourable weather impact on fashion sales in Europe, and by France, where the Group has a very strong presence in the Paris region, in which footfall and sales were impacted by the terrorist threat.
The Shopping Centre like-for-like NRI grew by +3.4%, +310 bps above indexation of only +0.3%. The Group signed 1,479 leases on consolidated standing assets with a Minimum Guaranteed Rent uplift of +17.4%. The tenant rotation rate reached 13.3%, well above the Group's 10% annual target. The EPRA vacancy rate was 2.3%, including 0.2% of strategic vacancy, as at December 31, 2016, down from 2.5% as at December 31, 2015.

With 2.4 million m 2 of office space let in 2016, take-up in the Paris region was up by +6% over 2015. The Group leased more than 83,000 weighted square meters (wm 2 ), including more than 67,000 wm 2 in France. Office buildings sold, including 2-8 Ancelle, So Ouest Office, 70-80 Wilson and Nouvel Air generated an average premium of +24.8% to the last unaffected appraisal value. As a result of these disposals, NRI for the year decreased by -10%.

Convention & Exhibition
Convention & Exhibition's recurring net operating income increased by +4.9% from FY-2015 and was up +9.7% compared to FY-2014, the latest comparable period.
The first phase of renovation works (2015-2017) on the Porte de Versailles site continued with the construction of the new Welcome Plaza, travelators in the Central Alley, the Meshing facade of Pavilion 1 by Dominique Perrault, and the redevelopment of the 72,000 m² Pavilion 7, to create the new Paris Convention Centre, including a 5,200-seat auditorium.


The Gross Market Value (GMV) of the Group's assets as at December 31, 2016 amounted to €40.5Bn, up +7.3% in total and up +6.2% on a like-for-like basis compared to December 31, 2015.
The Shopping Centre division GMV grew by 9.8% in total and by +6.3% on a like-for-like basis, with rent and yield effects of +2.5% and +3.8%, respectively. The average net initial yield of the retail portfolio stood at 4.4% as at December 31, 2016 (vs. 4.6% as at December 31, 2015), reflecting market yield contraction and the increased quality of the portfolio.
Following the disposal of four of its offices in 2016, the GMV of the Group's office portfolio decreased by €467 Mn to €4.0 Bn as at December 31, 2016. The yield compression (+7.3%) and positive rent (+0.6%) effects drove the 7.9% like-for-like increase of the office portfolio.

Going Concern NAV per share stood at €201.50 as at December 31, 2016, an increase of +€14.80 (+7.9%) compared to December 31, 2015. This increase was the sum of (i) the value creation of €28.75 per share, (ii) the impact of the dividend paid in March and July 2016 of -€9.70, and (iii) the negative impact of the -€4.25 mark-to-market of the fixed-rate debt and derivatives.


After the many openings of 2015, 2016 saw the delivery of two retail extensions (Forum des Halles and Bonaire) and an office refurbishment project. Five new extension and renovation projects for a total investment cost (TIC) of almost €500 Mn were added to the retail development pipeline. The estimated TIC of the consolidated development pipeline as at December 31, 2016 amounts to €8.0 Bn (vs. €7.4 Bn as at December 31, 2015). The Group expects to add 1.2 million m² of GLA in retail from the current pipeline, representing an increase of ca. 33% of its retail GLA.
2017 will see the delivery of one new development (Wroclavia in Poland) and four extensions and renovations of existing assets.


In 2016, Unibail-Rodamco raised €3.7 Bn of medium- to long-term funds in the bond and bank markets. Its financial ratios stand at healthy levels: Loan-to-Value at 33% (35% as at December 31, 2015) and the interest coverage ratio at 5.9x (4.6x in 2015). The average cost of debt in 2016 reached an all-time low of 1.6% (down -60 bps from 2.2% in 2015) and the average maturity was extended to a record 7 years (6.5 years as at December 31, 2015). The Group issued the first public bond with a 20-year maturity for a real-estate company, the longest maturity ever achieved in the sector on the Euro market, and an 8-year 3-month Euro bond with the lowest coupon ever achieved by the Group (0.875%).  


For 2017, the Group expects recurring EPS of between €11.80 and €12.00 .

For the medium term, the Group confirms it expects its recurring EPS to grow at a compound annual growth rate of between +6% and +8% . This medium term outlook results from the Group's annual business plan exercise; annual growth rates differ from year to year. [4]


For the 2016 fiscal year, the Group will propose a cash dividend of €10.20 per share for approval by the Annual General Meeting (AGM) on April 25, 2017. The planned payment schedule is:

  • Payment of an interim dividend of €5.10 on March 29, 2017 (ex-dividend date March 27, 2017); and
  • Following approval by the AGM, payment of a final dividend of €5.10 on July 6, 2017 (ex-dividend date July 4, 2017).

For 2017 and thereafter, the Group expects to increase its annual cash distribution broadly in line with its recurring EPS growth.


The next financial events on the Group's calendar will be:

March 29, 2017 : payment of an interim dividend (ex-dividend date: March 27, 2017)
April 25, 2017 : Combined General Meeting
April 25, 2017 : 2017 1 st Quarter Revenues (after market close)
July 6, 2017 : payment of the final dividend, subject to approval of the AGM (ex-dividend date: July 4, 2017)
July 24, 2017 : 2017 Half-year results (after market close)

For further information, please contact:

Investor Relations
Marine Huet                                                                            
+33 1 76 77 58 02                                

Media Relations
Pauline Duclos-Lenoir
+33 1 76 77 57 94

About Unibail-Rodamco
Created in 1968, Unibail-Rodamco SE is Europe's largest listed commercial property company, with a presence in 11 EU countries, and a portfolio of assets valued at €40.5 billion as of December 31, 2016. As an integrated operator, investor and developer, the Group aims to cover the whole of the real estate value creation chain. With the support of its 1,990 professionals, Unibail-Rodamco applies those skills to highly specialised market segments such as large shopping centres in major European cities and large offices and convention & exhibition centres in the Paris region.
The Group distinguishes itself through its focus on the highest architectural, city planning and environmental standards. Its long term approach and sustainable vision focuses on the development or redevelopment of outstanding places to shop, work and relax. Its commitment to environmental, economic and social sustainability has been recognised by inclusion in the FTSE4Good and STOXX Global ESG Leaders indexes.
The Group is a member of the CAC 40, AEX 25 and EuroSTOXX 50 indices. It benefits from an A rating from Standard & Poor's and Fitch Ratings.
For more information, please visit our website: www.unibail-rodamco.com

[1] NRI growth in Spain negatively impacted by indemnities received in H1-2015 following a court decision and the subsequent reversal of provision for doubtful debt. Excluding this impact, the 2016 NRI like-for-like growth in Spain would have been +4.5%

[2] From the levels at the end of 2015. The CSR strategy will be rolled out with the same level of customer service and is expected to be accomplished in a value neutral manner.

[3] Net Disposal price (NDP): Total Acquisition Cost incurred by the acquirer minus all transfer taxes and transaction costs.

[4]  Key inputs for the Group's annual 5-year business plan exercise are indexation, rental uplifts, disposals, timely delivery of pipeline projects, cost of debt and taxation, variations in which may cause growth rates to vary. The 5-year business plan does not assume acquisitions.

FY 2016 - EN

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Source: UNIBAIL-RODAMCO SE via GlobeNewswire